A Queensland-based financial services firm has entered into an enforceable undertaking with the corporate regulator for failing to monitor authorised reps.
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An investigation into diversified financial services company firm LCL Capital has found authorised representative Timothy Bryce – a former employee of collapsed firm Sherwin Financial Planners – found a number of breaches of relevant laws and licensing obligations.
“ASIC’s concerns related to alleged failures to: ensure that financial services were provided efficiently, honestly and fairly; take reasonable steps to ensure that authorised representatives complied with financial services law; demonstrate adequate resources were available to provide financial services and carry out supervisory arrangements; and ensure that authorised representatives were adequately trained and competent to provide financial services,” according to a statement.
The licensee will now submit to a regime of supervision by an ASIC-approved “financial planning expert” for a minimum period of 15 months.
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